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The Politicisation of the Future Fund

The Future Fund has barely invested a single cent and yet it is already the target of rent-seeking in relation to its basic administrative arrangements, such as its choice of custodian. The Future Fund’s investment decisions will be the subject of even greater scrutiny, especially following Chairman David Murray’s recent suggestion that the Fund would seek to invest in private equity. This scrutiny will necessarily be after the fact, given the lack of transparency around the Fund’s investment process. By creating an asset portfolio subject to public ownership and control, the Future Fund will increasingly become a focus for distributional conflict and rent-seeking.